Patterson-UTI Energy, Inc. (PTEN) to Issue Quarterly Dividend of $0.10 on September 15th

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) declared a quarterly dividend on Wednesday, July 29th. Shareholders of record on Tuesday, September 1st will be given a dividend of 0.10 per share by the oil and gas company on Tuesday, September 15th. This represents a c) annualized dividend and a yield of 4.1%. The ex-dividend date is Tuesday, September 1st.

Patterson-UTI Energy has increased its dividend payment by an average of 0.3%annually over the last three years. Patterson-UTI Energy has a payout ratio of -800.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Patterson-UTI Energy to earn $0.25 per share next year, which means the company may not be able to cover its $0.40 annual dividend with an expected future payout ratio of 160.0%.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $9.85 on Friday. The stock’s 50-day moving average is $10.37 and its two-hundred day moving average is $9.92. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $13.08. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of -42.83 and a beta of 0.62.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, July 29th. The oil and gas company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.01). The firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Patterson-UTI Energy had a negative net margin of 1.92% and a negative return on equity of 1.67%. The firm’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.13) earnings per share. Analysts predict that Patterson-UTI Energy will post -0.06 earnings per share for the current year.

Wall Street Analyst Weigh In

PTEN has been the topic of several research analyst reports. Citigroup cut their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research report on Monday, June 29th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Finally, Morgan Stanley increased their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average target price of $12.15.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.